PropertyRADAR
West Suburb 12 Unit Multifamily Building
2029 N 18th Ave Melrose Park IL 60160
Out of gallery
$1,550,000
Pricing/Terms Explained
$129,166 Per Unit
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Property Summary
Type
Multifamily
In Place NOI
$73,700
Target CAP Rate
4.76%**
Today's Market Value
N/A
Target Purchase Price
$1,550,000
Units
12
Projected NOI
$131,800
Market CAP Rate
5.5%
Value w/Market Rents
$2,400,000
Cost Per Unit
$129,166
22
Beds
12
Baths
8,000+
Sq. Ft.
1961
Yr. Built
100%
Occupancy
Investment Strategy
Purchase at target price with 20% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,300 in the area. Refinance and pull cash out based on higher value of the property. Reduce taxes by converting the condos back to apartments. Over $1M in equity if rents are raised to market rate!
About The Property
Very well maintained. The building features 10 spacious two-bedroom apartments and two 1 bedroom apartments. The owner renovated some of the units over the last years. Units have hardwood flooring, newer cabinets, granite countertops. All tenants are separately metered for gas and electric. Owner is responsible for common areas.
About The Neighborhood
Melrose Park is a B Grade neighborhood that borders Chicago. Demand for multi family real estate is high is in this area due to a relatively affordable price per unit acquisition opportunity. The rental market is strong with high demand and low inventory.
Melrose Park is close to O'Hare Airport and close to large commercial parks. It boomed post World War 1 and has been a dense commerce center hence. Demand for housing and rentals is strong in the area.
Due Diligence
Documents
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Locked.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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Property
Performance
View the return metrics based on various inputs.
"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
